Innodata Inc (INOD) 2025 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Innodata to Report second quarter 2025 results conference call. (Operator Instructions) This call is being recorded on Thursday, July 31, 2025.

女士們、先生們，大家好，歡迎參加 Innodata 2025 年第二季業績報告電話會議。（操作員指示）此通話於 2025 年 7 月 31 日星期四錄製。

I would now like to turn the conference over to Amy Agress. Please go ahead.

現在我想將會議交給艾米·阿格雷斯 (Amy Agress)。請繼續。

Thank you, Sergio. Good afternoon, everyone. Thank you for joining us today. Our speakers today are Jack Abuhoff, CEO of Innodata; and Mariss Espineli, Interim CFO. Also on the call today is Aneesh Pendharkar, Senior Vice President, Finance and Corporate Development.

謝謝你，塞爾吉奧。大家下午好。感謝您今天加入我們。我們今天的演講者是 Innodata 執行長 Jack Abuhoff 和臨時財務長 Mariss Espineli。參加今天電話會議的還有財務和企業發展資深副總裁 Aneesh Pendharkar。

We'll hear from Jack first, who will provide perspective about the business, and then Mariss will follow with a review of our results for the second quarter. We'll then take questions from analysts.

我們將首先聽取傑克的意見，他將提供有關業務的觀點，然後馬里斯將對我們第二季度的業績進行回顧。然後我們將回答分析師的問題。

Before we get started, I'd like to remind everyone that during this call, we will be making forward-looking statements, which are predictions, projections and other statements about future events. These statements are based on current expectations, assumptions and estimates and are subject to risks and uncertainties. Actual results could differ materially from those contemplated by these forward-looking statements.

在我們開始之前，我想提醒大家，在這次電話會議中，我們將做出前瞻性陳述，即對未來事件的預測、預期和其他陳述。這些聲明是基於目前的預期、假設和估計，並受風險和不確定性的影響。實際結果可能與這些前瞻性陳述所預期的結果有重大差異。

Factors that could cause these results to differ materially are set forth in today's earnings press release in the Risk Factors section of our Form 10-K, Form 10-Q and other reports and filings with the Securities and Exchange Commission. We undertake no obligation to update forward-looking information.

可能導致這些結果出現重大差異的因素已在今天的收益新聞稿中列出，這些新聞稿位於我們向美國證券交易委員會提交的 10-K 表、10-Q 表和其他報告和文件的風險因素部分。我們不承擔更新前瞻性資訊的義務。

In addition, during this call, we may discuss certain non-GAAP financial measures. In our earnings release filed with the SEC today as well as in our other SEC filings, which are posted on our website, you will find additional disclosures regarding these non-GAAP financial measures, including reconciliations of these measures with comparable GAAP measures.

此外，在本次電話會議中，我們可能會討論某些非公認會計準則財務指標。在我們今天向美國證券交易委員會提交的收益報告以及我們網站上發布的其他美國證券交易委員會文件中，您將找到有關這些非公認會計準則財務指標的更多披露，包括這些指標與可比公認會計準則指標的對帳。

Thank you. I'll now turn the call over to Jack.

謝謝。我現在將電話轉給傑克。

Thank you, Amy, and good afternoon, everyone. Thank you for joining us. We're very pleased to report that Q2 2025 was another outstanding quarter for Innodata. We beat analysts' expectations across the board on key metrics; revenue, adjusted EBITDA, net income and fully diluted EPS. Revenue grew 79% year-over-year to $58.4 million and adjusted EBITDA grew 375% to $13.2 million, reflecting the operating leverage that's inherent in our model.

謝謝你，艾米，大家下午好。感謝您加入我們。我們非常高興地報告，2025 年第二季對於 Innodata 來說又是一個出色的季度。我們在關鍵指標方面全面超越分析師的預期：營收、調整後 EBITDA、淨收入和完全稀釋每股盈餘。營收年增 79% 至 5,840 萬美元，調整後 EBITDA 成長 375% 至 1,320 萬美元，反映了我們模型固有的經營槓桿。

We also continue to strengthen our balance sheet. Cash increased from $56.6 million at the end of Q1 to $59.8 million at the end of Q2. And a few days after quarter close, we collected an additional $8 million that typically would have been received by June 30. Our $30 million credit facility remains undrawn, giving us flexibility to support future growth.

我們也將繼續加強我們的資產負債表。現金從第一季末的 5,660 萬美元增加到第二季末的 5,980 萬美元。季度結束後幾天，我們又收到了 800 萬美元，這筆錢通常會在 6 月 30 日之前收到。我們的 3000 萬美元信貸額度尚未提取，這使我們能夠靈活地支持未來的成長。

Our business momentum continues to accelerate. As a result, we are raising our full year 2025 revenue growth guidance to 45% or more organic revenue growth, up from the 40% we communicated last quarter. Our forecast reflects significant new deals that have been finalized since our last call as well as several deals that we believe are highly likely to close in the near term. We have a robust pipeline that includes significant dollar values positioning us for strong second half of the year. Many of these deals are not incorporated in our forecast, leaving room for possible further increases.

我們的業務動能持續加速。因此，我們將 2025 年全年營收成長預期從上個季度的 40% 上調至 45% 或更高的有機收入成長。我們的預測反映了自上次電話會議以來已完成的重要新交易以及我們認為很可能在短期內完成的幾筆交易。我們擁有強大的產品線，其中包括可觀的美元價值，這為我們在今年下半年的強勁表現奠定了基礎。其中許多交易並未納入我們的預測，因此可能存在進一步上漲的空間。

Demand for our services is strong and accelerating, and we are seeing success across a diversity of existing and new customers. I'll talk about our largest customer first. We recently won several new projects with our largest customer and we have others in pipeline that are not yet included in our forecast, but which we think are reasonably likely. Several of these new projects are under the second SOW we reported signing with this customer last quarter. We believe that the second SOW potentially gives us access to an even larger generative AI revenue pool with this customer.

對我們服務的需求強勁且不斷增長，我們在許多現有客戶和新客戶中都取得了成功。我先談談我們最大的客戶。我們最近與我們最大的客戶贏得了幾個新項目，我們還有其他尚未納入我們預測的項目正在籌備中，但我們認為這些項目很有可能實現。這些新項目中有幾個屬於我們上個季度與該客戶簽署的第二份 SOW。我們相信，第二份 SOW 有可能讓我們從該客戶那裡獲得更大的生成性 AI 收入池。

With another big tech customer, we were recently awarded a number of significant engagements, and we have additional significant engagements in late-stage pipeline, enabling us to forecast $10 million of revenue from this customer in the second half of this year. It is worth noting that we did just $200,000 of revenue with this customer over the entire trailing 12-month period. So this is a very significant upswing that we believe will inure to our benefit significantly next year. These are just 2 examples. There are more.

我們最近與另一家大型科技客戶簽訂了多項重要合同，並且我們還有其他重要的後期項目正在進行中，這使我們能夠預測今年下半年從該客戶那裡獲得 1000 萬美元的收入。值得注意的是，在過去的 12 個月中，我們從這位客戶那裡獲得的收入僅為 20 萬美元。因此，我們相信這是一個非常顯著的上升趨勢，明年它將為我們帶來巨大的利益。這只是兩個例子。還有更多。

The traction we are now seeing is exhilarating. We have built a marquee set of customers whose trust we have worked hard to earn and whose demand for our capabilities is expanding. Our big tech customers are at an all-out race towards super intelligence and autonomy, which we believe will be driven to a large degree by high-quality complex training data. We believe we are ideally situated to supply them with this high-quality complex training data. Moreover, we believe we are ideally situated to help them test models, diagnose performance issues and prescribe data mixes required to improve performance.

我們現在看到的牽引力令人振奮。我們已經建立了一批重要的客戶，我們透過努力贏得了他們的信任，他們對我們能力的需求也不斷擴大。我們的大型科技客戶正在全力競相實現超級智慧和自主，我們相信這在很大程度上將由高品質的複雜訓練資料推動。我們相信，我們完全有能力為他們提供這種高品質的複雜訓練資料。此外，我們相信我們處於理想的位置，可以幫助他們測試模型、診斷效能問題並規定提高效能所需的資料組合。

This is a frontier area. We believe that the future of LLM improvements lies not only in scale data, but in smart data, knowing exactly what kinds of post-training data are required to achieve specific improvements in factuality, safety, coherence and reasoning.

這是一個邊境地區。我們相信，LLM 改進的未來不僅在於規模數據，還在於智慧數據，確切地知道需要哪些類型的訓練後數據才能實現事實性、安全性、連貫性和推理方面的具體改進。

At the same time, we are positioning ourselves to help enterprises build and manage AI that can act autonomously, often referred to as Agentic AI. This will require simulation training data to capture how humans process multivariant problems. It will also require sophisticated trust and safety monitoring and management.

同時，我們的定位是幫助企業建構和管理能夠自主行動的人工智慧，通常稱為 Agentic AI。這將需要模擬訓練資料來捕捉人類如何處理多變量問題。它還需要複雜的信任和安全監控和管理。

We believe agent-based AI is going to serve as the cornerstone technology that unlocks the full value of large language models and generative AI for enterprises. Moreover, we believe that progress on Agentic AI is likely to soon result in a ChatGPT moment for robotics. Within the next several years, we believe Agentic AI will be served at the edge in hardware devices with which we will commonly interact in many respects in our lives. We believe the market for simulation data services and evaluation services to drive Agentic AI and robotics is likely to dwarf the market for frontier model post-training data.

我們相信基於代理的人工智慧將成為釋放企業大型語言模式和產生人工智慧全部價值的基石技術。此外，我們相信 Agentic AI 的進步可能很快就會為機器人技術帶來 ChatGPT 時刻。我們相信，在未來幾年內，Agentic AI 將在硬體設備的邊緣發揮作用，我們將在生活的許多方面與這些設備進行常見的互動。我們相信，推動 Agentic AI 和機器人技術的類比資料服務和評估服務市場可能會使前沿模型後訓練資料市場相形見絀。

Our growth opportunities are significant and multidimensional. We intend to invest in ways that we believe will enable us to continue our growth path over the next several years. These include short-cycle high-return growth initiatives like custom annotation pipelines, verticalized agent development and expanded global delivery, strategic platform development, especially for LLM testing, safety and real-world deployment. Also advisory and integration services for enterprises building AI native systems, expansion into new domains such as multi-agent systems and robotics and expansion into new markets.

我們的成長機會巨大且多維。我們打算以我們認為能夠讓我們在未來幾年繼續保持成長的方式進行投資。這些包括短週期高回報成長計劃，如客製化註釋管道、垂直代理開發和擴展全球交付、戰略平台開發，特別是針對 LLM 測試、安全性和實際部署。也為建構 AI 原生系統的企業提供諮詢和整合服務，擴展到多智能體系統和機器人等新領域並擴展到新市場。

We believe now is the time to lean in investing in capabilities that can compound value over the next decade. This year, we intend to substantially increase investments, most of which will be expensed while at the same time beating 2024 adjusted EBITDA. In the second quarter, we incurred approximately $1.4 million of operating expenses that we think of as investments. This largely consisted of new hires in delivery, product innovation, go-to-market expansion and talent acquisition.

我們相信，現在是時候投資那些能夠在未來十年內創造複合價值的能力了。今年，我們打算大幅增加投資，其中大部分將作為費用，同時超越2024年調整後的EBITDA。在第二季度，我們發生了約 140 萬美元的營運費用，我們將其視為投資。這主要包括交付、產品創新、市場擴張和人才招募的新員工。

At the heart of this performance is a simple truth. We are deeply aligned with the most significant technological invention of our era, generative AI. Across the entire life cycle of generative AI model training from pretraining to post-training to evaluation to safety, we're delivering the services that unlock the performance of Gen AI models.

這場表演的核心是一個簡單的事實。我們與我們這個時代最重要的技術發明—生成式人工智慧緊密相連。在生成式人工智慧模型訓練的整個生命週期中，從預訓練到後訓練到評估再到安全，我們提供的服務可以釋放生成式人工智慧模型的效能。

I'll now turn the call over to Mariss to go over the financial results, after which Mariss, Aneesh and I will be available to take questions from analysts.

現在我將把電話轉給 Mariss 來討論財務結果，之後 Mariss、Aneesh 和我將回答分析師的問題。

Thank you, Jack, and good afternoon, everyone. Revenue for Q2 2025 reached $58.4 million, representing a year-over-year increase of 79% and demonstrating strong continuing momentum. Adjusted gross margin was 43% for the quarter, up 32% in Q2 of last year. Our adjusted EBITDA for Q2 2025 was $13.2 million or 23% of revenue compared to $2.8 million or 9% of revenue in the same quarter last year.

謝謝你，傑克，大家下午好。2025 年第二季營收達到 5,840 萬美元，年增 79%，並展現出強勁的持續發展勢頭。本季調整後的毛利率為 43%，較去年第二季成長 32%。我們 2025 年第二季的調整後 EBITDA 為 1,320 萬美元，佔營收的 23%，而去年同期為 280 萬美元，佔營收的 9%。

Net income was $7.2 million in the second quarter, up from loss of $14,000 in the same period last year. In Q2, we were able to utilize the benefit of accumulated net operating losses or NOLCO to partially offset our tax liability. Looking ahead to the coming quarters, barring any changes in the tax environment, we expect our tax rate to be approximately 27% to 28%.

第二季淨收入為 720 萬美元，高於去年同期的 1.4 萬美元虧損。在第二季度，我們能夠利用累計淨營業虧損或 NOLCO 的優勢來部分抵銷我們的稅負。展望未來幾個季度，除非稅收環境發生變化，否則我們預計我們的稅率約為 27% 至 28%。

Our cash position at the end of Q2 2025 was $59.8 million, reflecting a sequential increase of about $3.2 million, shaped by strong profitability and disciplined cash management. As Jack mentioned, we collected an additional $8 million in early July that in ordinary course would have likely been collected in Q2. We still have not drawn down on our $30 million Wells Fargo credit facility. The amount drawable under this facility at any point in time is determined based on borrowing base formula.

截至 2025 年第二季末，我們的現金狀況為 5,980 萬美元，環比增加約 320 萬美元，這得益於強勁的盈利能力和嚴格的現金管理。正如傑克所提到的，我們在 7 月初收取了額外 800 萬美元，按照正常情況，這筆錢很可能在第二季收取。我們仍未動用富國銀行 3,000 萬美元的信貸額度。該貸款在任何時間點可提取的金額是根據借款基數公式確定的。

I'll reiterate what Jack said, the momentum in our business is nothing short of amazing. We believe we got a tiger by the tail and we're investing with the goal of positioning the company to align with what we project the market needs are going to be over the next few years. In Q2, we incurred approximately $1.4 million of operating costs to build out a variety of technical capabilities to expand our go-to-market as investment toward a future that we believe is truly exciting.

我重申傑克所說的話，我們業務的發展勢頭簡直令人驚嘆。我們相信我們已經抓住了老虎的尾巴，我們進行投資的目標是使公司定位符合我們預測的未來幾年市場需求。在第二季度，我們花費了大約 140 萬美元的營運成本來建立各種技術能力，以擴大我們的市場影響力，作為對我們認為真正令人興奮的未來的投資。

Thank you, everyone. Sergio, we're ready for questions.

謝謝大家。塞爾吉奧，我們已經準備好回答問題了。

(Operator Instructions)

（操作員指示）

George Sutton, Craig-Hallum.

喬治·薩頓、克雷格·哈勒姆。

Thank you, nice results. Congratulations. So I wondered if we could talk about during the quarter, your largest competitor, Scale AI was a large majority purchased by Meta. And we've had a few of the large tech companies come out and say they would no longer work with Scale AI. These ostensively would be tech companies that you have statements of work with. So I'm just curious if you can kind of give us the after effect of that acquisition as you've seen it.

謝謝，結果不錯。恭喜。所以我想知道我們是否可以談談本季的情況，您最大的競爭對手 Scale AI 的大部分股份被 Meta 收購了。一些大型科技公司已經表示將不再與 Scale AI 合作。這些顯然是與你有工作關係的科技公司。所以我很好奇您是否可以向我們介紹一下此次收購的後續影響。

George, well, thank you for being on the call. So I guess, first, we congratulate Scale for having delivered a great success for their shareholders. And we believe their success and their valuation is a proof point of the key role that data plays (technical difficulty)

喬治，好的，謝謝您接聽電話。所以我想，首先，我們要祝賀 Scale 為股東帶來了巨大的成功。我們相信他們的成功和估值證明了數據發揮的關鍵作用（技術難度）

Before this, we were and continue to very aggressively outreach to market participants and to market our capabilities.

在此之前，我們一直積極地接觸市場參與者並推銷我們的能力。

We have, in light of this stepped up that effort with certain companies and there are certain conversations that are going on and are now planned to be happening over the next couple of months that I think could be very exciting for us. I don't know that I can get into particulars much beyond that, but I'll reiterate that we do see an opportunity to accelerate our market presence.

有鑑於此，我們加大了與某些公司的合作力度，目前正在進行一些對話，並計劃在未來幾個月內進行，我認為這對我們來說非常令人興奮。我不知道我是否可以透露更多細節，但我要重申的是，我們確實看到了加速市場佔有率的機會。

Okay. And lastly for me, you throw an interesting nugget about robotics and the attachment to hardware, creating significant -- even more significant opportunities than the large language model training. So can you just walk through how you envision that would work for you and just lay out that opportunity?

好的。最後，對我來說，您提出了一個關於機器人技術和硬體附件的有趣觀點，創造了比大型語言模型訓練更重要的機會。那麼，您能否簡單介紹一下這對您有何影響，並闡述這個機會？

Sure. So I think that we tend to read about these technologies somewhat as if they exist in isolation. But the reality is that as large language models become more and more competent and able to interpret ambiguous language and have capabilities to plan and articulate multistep responses to problems.

當然。因此我認為，我們在閱讀這些技術時，往往認為它們是孤立存在的。但現實情況是，大型語言模型變得越來越強大，能夠解釋模糊語言，並有能力規劃和表達對問題的多步驟回應。

There are technologies that will be added to that capability, enabling those models to invoke external APIs or other tools, enabling for multistep tasks using greater memory and planning capabilities. But when you take that and then you think about deploying that at the edge within devices, what you have is a very capable robot.

將會有技術加入到該功能中，使這些模型能夠呼叫外部 API 或其他工具，從而能夠使用更大的記憶體和規劃功能執行多步驟任務。但是當你把它拿到手並考慮將其部署到設備的邊緣時，你就擁有了一個非常強大的機器人。

So I think what this means for us is there's a whole new set of activities, both to train these devices to fine-tune models and to evaluate their performance that together constitutes a market that I believe will exceed that of post -- creating post-training data and evaluating models for frontier model builders. So it's something we're hugely excited about and intend to be investing very significantly in.

所以我認為這對我們來說意味著有一整套新的活動，既可以訓練這些設備來微調模型，也可以評估它們的性能，我相信這些共同構成了一個市場，這個市場將超越後期創建後期訓練數據和為前沿模型構建者評估模型的市場。因此，我們對此感到非常興奮，並打算投入大量資金。

Perfect. Thank you.

完美的。謝謝。

Allen Klee, Maxim Group LLC.

艾倫·克萊（Allen Klee），馬克西姆集團有限責任公司。

Yeah, good afternoon. So when you reported last quarter, you kind of said that you thought revenue might be down around 5% in the second quarter. Your actual number was flat -- up very slightly sequential. So you outperformed. So I'm kind of curious like where did the variance come from?

是的，下午好。因此，當您報告上個季度的業績時，您曾說過您認為第二季的收入可能會下降約 5%。您的實際數字是持平的——環比略有上升。所以你的表現很出色。所以我有點好奇差異是從哪裡來的？

Sure. I'll start and then, Aneesh, do you want to give any additional color. I think that what we were trying to communicate last quarter is revenue was up -- we were up on a run rate basis from our largest customer, and we were, of course, very happy about that. But we wanted to focus our investors on the guidance that we were giving because there are a lot of pluses, puts and takes that get factored into that guidance.

當然。我先開始了，然後，Aneesh，你想添加任何額外的顏色嗎？我認為我們上個季度試圖傳達的訊息是收入增加了——我們最大客戶的運行率有所上升，當然，我們對此感到非常高興。但我們希望投資者關注我們提供的指導，因為該指導中考慮了許多有利因素、不利因素和不利因素。

And underlying the work that we're doing, there are dependencies on engineering teams that we're working hand in glove with. So it's entirely possible that a quarter could be up or down, and that isn't necessarily something that should be extrapolated out and considered locked and loaded permanently.

我們所做的工作依賴與我們密切合作的工程團隊。因此，一個季度出現上漲或下跌是完全有可能的，而這並不一定是可以推斷出來並永久認定的事情。

We weren't anticipating that it would necessarily be down, though, and we're very happy to see that it wasn't. As I said, looking at the largest customer and as well as several -- quite a number actually of other customers, we see an incredible pipeline of opportunity right now. We're very excited about that. And we're only baking into our guidance and our forecast things that we think are highly likely to close within the next really 30 to 60 days. There's a lot beyond that.

然而，我們並沒有預料到它必然會下降，我們很高興看到它沒有下降。正如我所說，看看最大的客戶以及幾個——實際上是相當多的其他客戶，我們現在看到了令人難以置信的機會。我們對此感到非常興奮。我們僅將我們認為極有可能在未來 30 到 60 天內完成的事情納入我們的指導和預測中。除此之外還有很多事情。

I think we're going to be winning as well. So I hope that's helpful.

我認為我們也會獲勝。我希望這會有所幫助。

Aneesh, anything you want to add to that?

Aneesh，您還有什麼要補充的嗎？

Yes. I think you framed that correctly, Jack. Just to kind of reiterate, Allen, we're not seeing any slowdown with our largest customer. In Q2, we generated approximately $33.9 million of revenue from this account. And as Jack mentioned, we secured several new projects and have additional opportunities in the pipeline that while not yet included in our forecast appear reasonably likely.

是的。我認為你的表述是正確的，傑克。艾倫，我再次重申一下，我們最大的客戶並沒有任何放緩跡象。在第二季度，我們從該帳戶獲得了約 3,390 萬美元的收入。正如傑克所提到的，我們獲得了幾個新項目，並且還有其他機會正在籌備中，雖然這些機會尚未包括在我們的預測中，但看起來可能性很高。

So again, we feel very bullish and optimistic of our prospects in the back half of the year and remain very excited.

因此，我們對下半年的前景感到非常樂觀和興奮。

You highlighted -- one of the things you highlighted was the enterprise and the opportunity there. There's a lot of enterprises out there. I'm just curious how you think about the go-to-market to attack it.

您強調的一點是那裡的企業和機會。那裡有很多企業。我只是好奇您如何看待進入市場並進攻它。

Yeah, it's a great question. Well, we're attacking it already. And what we're finding is that the interest in the technology and the opportunities to instantiate it into workflows exist across markets. So naturally, we're looking at the markets where we have the most penetration and the most relationships today. But we're also reaching out to companies in markets where we don't have as much reach and we're finding great receptivity.

是的，這是一個很好的問題。嗯，我們已經開始攻擊它了。我們發現，各個市場都對這項技術感興趣，並且有機會將其融入工作流程中。因此，我們自然會關注目前滲透率最高、最密切的市場。但我們也在接觸那些我們尚未觸及的市場中的公司，並且發現他們的接受度很高。

So I think the highlight there is that Agentic AI, as it's proven is going to be the catalyst that unlocks enterprise opportunity. And I think that among enterprises that I talk to and more broadly, they're no longer just looking at this like a frontier technology that's interesting to monitor. They're seeing it as a new economic infrastructure that they're going to need to be embracing and they're going to need to be adopting. And I think that we can play a very significant role in that.

因此，我認為亮點在於 Agentic AI，事實證明它將成為釋放企業機會的催化劑。我認為，在我接觸過的企業以及更廣泛的企業中，他們不再僅僅將其視為值得監控的尖端技術。他們將其視為一種新的經濟基礎設施，需要接受並採用。我認為我們可以在其中發揮非常重要的作用。

When we have conversations with them about the things that we think they need to do and our consultants are working with them to figure out what's the right order of operations and how they gain control of their data in order to harvest these opportunities.

當我們與他們討論我們認為他們需要做的事情時，我們的顧問會與他們一起找出正確的操作順序以及他們如何控制他們的數據以獲取這些機會。

We've got a lot of experience, both from working with the large big techs on the frontier model such that we know where things are going and how they can best utilize them and also on all the work we've done historically, taking apart workflows and thinking about how to integrate new technologies into workflows to make them more efficient. So yes, super excited about the opportunities there.

我們擁有豐富的經驗，既有與大型科技公司在前沿模型上合作的經驗，因此我們知道事情的發展方向以及如何最好地利用這些經驗，也有我們過去所做的所有工作，分解工作流程並思考如何將新技術集成到工作流程中以提高效率。是的，我對那裡的機會感到非常興奮。

That's great. I'll ask one more, and then I'll jump back in the queue. You highlighted a certain amount of money this quarter that you spent -- operating expenses that you viewed as like investment. Is there any reason to think that the scale of how much you're going to be investing for growth in the second half is going to change meaningfully from where it's been?

那太棒了。我會再問一次，然後重新回到佇列。您強調了本季度花費的一定數額的資金——您將其視為投資的營運費用。是否有理由認為下半年為成長而進行的投資規模將與過去相比發生重大變化？

Great question, Allen. So we -- as you rightly pointed out, we said we invested about $1.3 million in Q2 across several functional areas, including sales, delivery and product solution capabilities. We anticipate that stepping that up from Q2 to Q3 by approximately another $1.5 million.

艾倫，這個問題問得好。因此，正如您正確指出的那樣，我們在第二季度在多個職能領域投資了約 130 萬美元，包括銷售、交付和產品解決方案能力。我們預計從第二季到第三季度，這一數字將再增加約 150 萬美元。

And the reason for doing that is we see tremendous opportunity in the space and we want to be able to capitalize on that. So we will be making some incremental investments in sales, delivery, solutioning and product to be able to capitalize on what we think is a very significant opportunity right now.

我們這樣做的原因是，我們看到了這個領域的巨大機遇，我們希望能夠利用它。因此，我們將在銷售、交付、解決方案和產品方面進行一些增量投資，以便能夠利用我們認為目前非常重要的機會。

Great, congrats. Thank you.

太好了，恭喜。謝謝。

Hamed Khorsand, BWS Financial.

Hamed Khorsand，BWS Financial。

So my first question was, could you just talk about why you mentioned organic growth and what your intentions are there?

所以我的第一個問題是，您能談談為什麼提到有機成長以及您的意圖是什麼嗎？

Sure, Hamed. I think we mentioned it to draw attention to the fact that this is organic growth. I think if you look across companies that are reporting and reporting growth, a lot of them are growing inorganically, and that can be a great strategy for them, but it's a different strategy. And I think our strategy and the kind of growth that we're reporting is a testament to the product set and the capabilities that we've developed.

當然，哈米德。我認為我們提到這一點是為了引起人們對這是有機成長的關注。我認為，如果你觀察那些報告成長的公司，你會發現很多公司都是無機成長，這對他們來說可能是一個很好的策略，但這是一種不同的策略。我認為我們的策略和報告的成長類型證明了我們開發的產品系列和功能。

And from a risk-adjusted basis, I think that's probably a safer bet for investors. So we're very proud of it. We're very proud of what we've been able to accomplish. And looking ahead to how well aligned we are with what we see as today's market opportunities and tomorrow's likely market opportunities, we think that, that organic growth can continue.

從風險調整的角度來看，我認為這對投資者來說可能是更安全的選擇。所以我們對此感到非常自豪。我們對於所取得的成就感到非常自豪。展望未來，考慮到我們與當今市場機會以及未來可能的市場機會的契合程度，我們認為有機成長可以持續下去。

And the organic growth that you're seeing in your business, is that coming with any kind of competitive pressures on pricing or you're able to maintain pricing and capture new customers?

您所看到的業務有機成長是否伴隨著定價方面的競爭壓力，或者您是否能夠維持定價並吸引新客戶？

It's a robust market. I think that we expect -- well, just expect we do experience, of course, a competitive environment. But what we're seeing is that the most important thing to our customers isn't our price. It's the quality of our data and the extent now to which we can work hand in glove with them in order to help understand model performance, understand model deficiencies, understand use cases and make recommendations about the data sets that are required to remediate or to extend those capabilities.

這是一個強勁的市場。我認為我們預計——當然，我們預計我們確實會經歷一個競爭環境。但我們發現，對我們的客戶來說最重要的不是我們的價格。這是我們數據的質量，以及我們現在可以與它們密切合作的程度，以幫助了解模型性能、了解模型缺陷、了解用例並就修復或擴展這些功能所需的數據集提出建議。

So it's a holistic service and the investments that they're making are so extraordinary, and there's such a deep desire to win in this race that when we're contributing as well as we are in so many accounts, they become much less price sensitive. Now that having been said, I don't believe that we're the most expensive among our competitive set, but I do think we're among the best. And that's a position that I think if we can sustain that will significantly inure to our benefits from a competitive perspective and a growth perspective.

因此，這是一項全面的服務，他們所做的投資非常非凡，並且他們對在這場競爭中獲勝有著強烈的渴望，當我們在如此多的帳戶中做出貢獻時，他們對價格的敏感度就會降低很多。話雖如此，我不認為我們是競爭對手中最昂貴的，但我確實認為我們是最好的。我認為，如果我們能夠維持這一地位，從競爭和成長的角度來看，這將極大地有利於我們。

And lastly, last quarter, you had a series of different customers you were describing and talking about this quarter, I think it sounds a little less. So I'm just trying to understand where are you in terms of those relationships? Have they started up what you were talking about last quarter? And so where do you sit as far as revenue opportunity goes when you look out into year-end '26?

最後，上個季度，您描述並討論了一系列不同的客戶，但本季的情況聽起來有些少。所以我只是想了解您在這些關係方面處於什麼位置？他們已經開始實施您上個季度談論的事情了嗎？那麼，當您展望 26 年底時，您的收入機會處於什麼位置？

Yeah. No, there's actually more opportunity and there's a bigger pipeline today than there was a quarter ago. I just looked at that earnings call and thought that maybe that was a little long and decided stylistically to try to condense it a bit. There's more opportunity. There are things that we talked about last time that have closed and that are now in our forecast.

是的。不，實際上，與一個季度前相比，今天有更多的機會，而且管道也更寬廣。我剛剛看了財報電話會議，覺得可能有點長，所以決定嘗試從風格上將其縮短一點。還有更多機會。我們上次討論過的一些事情已經結束，現在已經在我們的預測中。

There are things that we're continuing to progress that are real interesting. By memory, I'm thinking about things we talked about. I think there's only one thing that kind of went dormant a little bit, but everything else is either closed, moving forward well, advancing significantly in discussions and that we feel very bullish about.

我們正在繼續推進一些真正有趣的事情。我正在回憶我們談論過的事情。我認為只有一件事有點停滯狀態，但其他所有事情要么已經結束，要么進展順利，要么在討論中取得了重大進展，我們對此感到非常樂觀。

Very good. Thank you.

非常好。謝謝。

Thank you.

謝謝。

Mr. Allen Klee, Maxim Group LLC.

Allen Klee 先生，Maxim Group LLC。

I just had a follow-up. I thought it was really interesting how you said that you can make the data smarter for the customers to get better results. Could you go into that a little bit? Thank you.

我剛剛進行了跟進。我認為您所說的話可以讓數據變得更智能，以便客戶獲得更好的結果真的很有趣。能稍微解釋一下嗎？謝謝。

Sure. So -- there are a lot of different dimensions that we use to look at data and analyze data. Our data science team is rapidly expanding. We end up for engineering teams producing what are the equivalent of -- in many cases, the equivalent of white papers with all sorts of mathematical formula and statistical analysis that correlate what we benchmark as a model's performance or identify as a model's deficiency with what data sets are required in order to remediate that.

當然。因此—我們使用許多不同的維度來查看資料和分析資料。我們的數據科學團隊正在迅速擴大。我們最終為工程團隊製作了相當於——在許多情況下，相當於白皮書的東西，其中包含各種數學公式和統計分析，這些公式和統計分析將我們作為模型性能基准或確定為模型缺陷的內容與補救該缺陷所需的數據集相關聯。

And what that capability has resulted in is that we're no longer just providing data, but we're -- our status, our role has been elevated to sitting at the table with the data scientists who are building these models and figuring it out with them. The journey is about data. And it's about -- as I said in the prepared remarks, it's about not just scale data, but smart data.

這種能力使我們不再只是提供數據，我們的地位和角色也得到了提升，我們可以與構建這些模型並共同解決問題的數據科學家坐在一起。旅程與數據有關。正如我在準備好的演講中所說的那樣，這不僅涉及規模數據，還涉及智慧數據。

So being able to do all that deep technical scientific analysis of data of model performance of correlating the data that's required in order to achieve the level of performance that's required. In just the last, I'd say, several months, that's become a problem space that we're getting to occupy, and that's tremendously exciting for us.

因此，能夠對模型性能數據進行深入的技術科學分析，關聯所需的數據，以達到所需的性能水準。我想說，就在過去的幾個月裡，這已經成為我們要解決的問題領域，這對我們來說非常令人興奮。

Okay, great. Thank you so much.

好的，太好了。太感謝了。

There are no further questions at this time. I will now turn the call over to Jack Abuhoff for closing remarks. Please go ahead.

目前沒有其他問題。現在我將把電話交給傑克阿布霍夫 (Jack Abuhoff) 做結束語。請繼續。

Thank you, operator. So Q2 was a high-performing quarter with 79% year-over-year growth, and we're anticipating a strong second half to the year. In the second half, we anticipate potentially winning major new customers, significantly deepening relationships and further broadening our base.

謝謝您，接線生。因此，第二季表現優異，年增 79%，我們預計下半年也將表現強勁。下半年，我們預計可能會贏得重要的新客戶，顯著加深關係並進一步擴大我們的基礎。

We'll also be continuing to make investments in infrastructure, talent and platforms that we believe are key to continuing our growth trajectory over the years to come. As a result of our successful execution, we're raising our guidance today from 40% to 45% or more organic revenue growth for the year.

我們也將繼續對基礎設施、人才和平台進行投資，我們相信這些對於我們未來幾年繼續保持成長軌跡至關重要。由於我們的成功執行，我們今天將今年的有機收入成長率預期從 40% 提高到 45% 或更多。

And yes, I mean, we're humbled by our good fortunes that scale data, our specialty is, we believe, the (inaudible) of the greatest technological innovation of our lifetimes. And with the runway we see ahead, our goal remains to build Innodata into one of the leading AI services companies for this era.

是的，我的意思是，我們很榮幸能夠擴展數據，我們相信，我們的專長是（聽不清楚）我們一生中最偉大的技術創新。展望未來，我們的目標仍然是將 Innodata 打造為這個時代領先的人工智慧服務公司之一。

So thank you all for your continued support, and we look forward to being with you a quarter from now.

感謝大家一直以來的支持，我們期待一個季度後能與你們再次相聚。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。